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Fondex Review - is it scam or safe?

Fondex Review - is fondex.com scam or good forex broker?

RATING: 3 / 0 REVIEWS Fondex
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Trading Accounts & Conditions

 

Account type Min. deposit Max. leverage Spread
Standard $25.00 1:500 1.2 pips

 

A Cypriot forex broker, Fondex seems to offer a single account type with variable spreads on the cTrader platform with comparatively high leverage levels. There are also offers swap-free (Islamic) accounts available to Muslim investors.

 

 

Fondex Advantages

 

Solid regulation, part of the TopFX family

The main selling point of Fondex is that it is owned by TopFX limited, a company licensed by the Cyprus Securities and Exchange Commission (CySEC). It also has several EEA registrations – with UK’s FCA, and Germany’s BafFin. Actually, Fondex is a part of the TopFX family, which, apart from TopFX (a multi-asset Prime Brokerage providing liquidity solutions to corporate and brokerage clients), also includes Kawase and MaxFX brokerage brands.

 

cTrader platform available

Fondex, as well as the other brands of TopFX, uses the cTrader platform. This is is an award winning ECN multi-asset trading solution, developed by Spotware. cTrader is generally known for its good execution, precise quotes with full pricing transparency and tight spreads.Fondex’ cTrader suite includes a PC, web and mobile versions, as well as cMirror, Spotware’s mirror & social trading application.

 

 

Click on the image to zoom in.

 

Competitive spreads

When we tried out Fondex’s cTrader in demo mode, we found the spreads on EUR/USD floating around 1.2 – 1.3 pips, which is on line with the industry average. For further information and comparison on spreads, check out our dedicated page:

 

 

>> Real-time spread comparison of top fx brokers <<

 

 

Low minimum initial deposit

In order to open an account with Fondex, one has to deposit just $25, which is quite an attractive offer. Most brokers require at least $100 - $250 as a start.

 

Up to 1:500 in leverage

Clients of Fondex are able to use high leverage levels, reaching 1:500. Although such ratios multiply your trading power, they also multiply the risks involved in margin trading. That is why we advise novice traders to use lower leverage levels



Fondex Disadvantages

 

No choice of trading platforms, no MT4

cTrader is probably the second most popular forex trading platform, after MetaTrader. Yet, many brokers who offer cTrader or another trading solution, also support the MetaTrader 4 (including one of the other brands of TopFX – MaxFX). The reason for this is that many traders have used to the numerous benefits of MT4, and most notably its superior charting and useful Expert Advisors.

 

 

>> Looking for a MT4 broker? <<<

 

 

Conclusion

 

Overall, the offerings of Fondex seem attractive. Clients of this broker are able to use high leverage levels, while they can open an account with just $25. Furthermore, the spreads are good and the broker uses a true ECN platform – cTrader. Nonetheless, the main advantage of Fondex is its reliability.

 

Fondex is one of the brands of TOPFX Ltd. – a company, regulated by the Cyprus Securities Exchange Commission (CySEC). Regulation in Cyprus is one of the most popular in Europe, as it is not as strict as those in other countries (UK), and yet provides a good credibility level. Brokers regulated by CySEC have to maintain certain net tangible assets, to keep clients’ money in segregated accounts, to report transactions, and more. Besides, licensed entities are under the umbrella of the Investor Compensation Fund. The fund can provide compensations to a maximum of 20,000 EUR per person in the event of broker insolvency. 

 

Here are, in a nutshell, the advantages and disadvantages of Fondex:

 

Pros Cons
Regulated in Cyprus No choice of trading platforms (No MT4)
Competitive spreads Only one account type
Ctrader platform  
Low initial deposit  
High leverage levels  

 

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Traders` reviews for Fondex

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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